Tax Relief for Alaska - Wrangell Cooperative Association of Alaska Tribal Nation After Severe Storms

The Internal Revenue Service (IRS) has announced significant tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation who were affected by severe storms, landslides, and mudslides starting from November 20, 2023.

Here's what you need to know:

Extension Deadline: Taxpayers in the affected area now have until July 15, 2024, to file various federal individual and business tax returns and make tax payments.

Eligibility: Tax relief is available to individuals and households residing or operating businesses in the designated disaster area.

Postponed Deadlines: Various tax filing and payment deadlines from Nov. 20, 2023, through July 15, 2024, are now extended. This includes income tax returns, contributions to IRAs and health savings accounts, quarterly estimated tax payments, payroll and excise tax returns, and more.

Penalty Abatement: Penalties for failing to make certain tax deposits due on or after Nov. 20, 2023, and before Dec. 5, 2023, will be waived if deposits were made by Dec. 5, 2023.

How to Claim Relief: The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. Those outside the area but affected can contact the IRS for assistance.

Extensions: Taxpayers needing additional time beyond July 15, 2024, for their 2023 federal income tax return can request an extension electronically by April 15, 2024.

Disaster Losses: Uninsured or unreimbursed disaster-related losses can be claimed on either the current or prior year's tax return.

Tax-Free Relief Payments: Qualified disaster relief payments are generally excluded from gross income.

Other Relief Options: Additional relief may be available for retirement plans or IRAs, with specific rules and guidance for participants.

Future Relief: The IRS may provide additional disaster relief in the future.

For more information, read the full press release here.

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Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.